Financial Performance - The company's operating revenue for the first half of 2021 was ¥1,664,750,902.37, representing a 57.57% increase compared to ¥1,056,492,493.30 in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2021 was ¥145,024,582.02, up 57.87% from ¥91,860,703.56 in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥116,074,794.29, which is a 21.88% increase from ¥95,239,819.30 in the same period last year[21]. - Basic earnings per share for the first half of the year increased by 28.57% to CNY 0.36 compared to CNY 0.28 in the same period last year[22]. - Diluted earnings per share also rose by 28.57% to CNY 0.36, consistent with basic earnings per share[22]. - The company's sales revenue increased by 57.57% year-on-year during the first half of 2021[49]. - Net profit attributable to shareholders of the parent company grew by 57.87% year-on-year[49]. - The net profit after deducting non-recurring gains and losses increased by 21.88% year-on-year[49]. Cash Flow and Assets - The net cash flow from operating activities for the first half of 2021 was -¥4,823,461.81, an improvement from -¥66,346,559.26 in the previous year[21]. - Total assets at the end of the reporting period were ¥3,598,311,672.82, reflecting a 13.70% increase from ¥3,164,794,070.63 at the end of the previous year[21]. - The company's cash and cash equivalents decreased to ¥926,672,807.67 from ¥1,060,284,566.99, a decline of approximately 12.6%[128]. - Accounts receivable rose significantly to ¥1,274,135,271.32, compared to ¥774,488,234.68, reflecting an increase of around 64.5%[128]. - The total liabilities increased to ¥1,836,461,648.24 from ¥1,430,446,928.07, marking a rise of about 28.4%[130]. - The company's equity attributable to shareholders grew to ¥1,761,850,024.58 from ¥1,734,347,142.56, a slight increase of approximately 1.6%[130]. Research and Development - R&D expenses increased by approximately 36.49% year-on-year, with 104 patent applications filed, including 23 invention patents[52]. - The company holds 615 patents, including 82 invention patents, as of June 30, 2021[42]. - The company is committed to continuous innovation in product development, particularly in smart low-voltage electrical products[28]. - The company completed the development of new products such as the AC1140V frame circuit breaker and the AC800V plastic shell circuit breaker, catering to the renewable energy sector[53]. Market Position and Strategy - The company is a leading player in the domestic low-voltage electrical industry, focusing on research, production, and sales of various low-voltage electrical products[28]. - The company has established a strong reputation among major industry clients, including State Grid and top real estate companies, due to competitive products and solutions[28]. - The company aims to expand its market reach and enhance its brand image through strategic partnerships and technological advancements[28]. - The company has established a dual-brand marketing strategy with "Tianzheng" and "TianE" targeting different market segments[39]. - The company is focusing on expanding its market presence through a "Hundred Cities, Thousand Counties, Ten Thousand Stores" initiative[51]. Shareholder Commitments and Governance - The company does not plan to distribute profits or increase capital reserves during this reporting period[6]. - The controlling shareholder, Tianzheng Group, committed to not transferring or entrusting the management of shares for 36 months post-IPO[80]. - The actual controller, Gao Tianle, made a similar commitment for 36 months post-IPO, with a restriction on transferring more than 25% of shares annually while in management[81]. - The company has a long-term commitment to resolve competition and related party transactions, which is still in effect[80]. - The company has not reported any breaches of commitments during the reporting period[79]. - The commitments made by the controlling shareholder are effective immediately and will remain in force during their tenure[89]. Financial Reporting and Compliance - The report has not been audited, but the management has confirmed the accuracy and completeness of the financial report[5]. - The company’s accounting policies are in compliance with the relevant accounting standards, ensuring accurate financial reporting[168]. - The company commits to ensuring the accuracy and completeness of its prospectus, with legal responsibilities for any false statements or omissions[97]. - All directors and senior management are required to uphold their commitments regarding the prospectus's accuracy and will compensate investors for any losses due to inaccuracies[100]. Risks and Challenges - There are no significant risk events reported during the reporting period[8]. - The domestic low-voltage electrical market is highly competitive, with strong multinational companies and local firms coexisting, leading to intensified competition[63]. - Fluctuations in raw material prices, which constitute a large portion of total costs, significantly impact the company's gross margin[65]. - Rising labor costs in the Yangtze River Delta region may adversely affect the company's performance if efficiency improvements are not achieved[66].

Financial Performance - The company's operating revenue for 2020 was CNY 2,473,233,541.84, representing a year-on-year increase of 12.38% compared to CNY 2,200,775,191.79 in 2019[21]. - The net profit attributable to shareholders for 2020 was CNY 246,828,267.77, up 14.37% from CNY 215,822,997.72 in 2019[21]. - The net profit after deducting non-recurring gains and losses was CNY 224,188,361.28, which is an increase of 28.19% from CNY 174,893,813.63 in 2019[21]. - The company's total assets at the end of 2020 reached CNY 3,164,794,070.63, a 53.53% increase from CNY 2,061,362,314.60 at the end of 2019[21]. - The basic earnings per share for 2020 was CNY 0.70, reflecting a 7.69% increase from CNY 0.65 in 2019[22]. - The weighted average return on equity for 2020 was 21.08%, down 8.93 percentage points from 30.01% in 2019[23]. - The company reported a net cash flow from operating activities of CNY 175,800,114.17, a decrease of 38.01% compared to CNY 283,595,893.16 in 2019[21]. - In 2020, the company achieved a sales revenue growth of 12.38% year-on-year, with a net profit attributable to shareholders increasing by 14.37% and a non-recurring net profit growth of 28.19%[52]. Dividend Policy - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares (including tax) based on the total share capital on the dividend record date, without any stock bonus or capital increase[5]. - The company has not proposed any capital increase or stock bonus in its profit distribution plan[5]. - The company emphasizes a stable and continuous profit distribution policy, aiming for at least 30% of the average distributable profit over the last three years to be distributed in cash[108]. - In mature stages without major capital expenditures, the company plans to allocate at least 80% of profits for cash dividends[108]. - The company will prioritize cash dividends in profit distribution when conditions are met, ensuring a sustainable return to investors[107]. - The board will consider the company's financial status and investment needs when determining profit distribution proposals[112]. - The cash dividend distribution policy requires approval from shareholders holding more than 2/3 of the voting rights at the shareholders' meeting[114]. - In 2020, the company distributed a cash dividend of 3.00 RMB per 10 shares, resulting in a total cash distribution of 121,234,650 RMB, which represents 49.12% of the net profit attributable to ordinary shareholders[116]. Corporate Governance - The company guarantees the authenticity, accuracy, and completeness of the annual report content, with all board members present at the meeting[8]. - The company has established a strong reputation and brand image among major industry clients, including State Grid and top real estate companies, due to its competitive products and solutions[32]. - The company has a commitment to resolve related party transactions and competition issues, which is effective for the long term[118]. - The company guarantees that any unavoidable related party transactions will be conducted fairly and legally, adhering to relevant laws and regulations[128]. - The company has a robust governance structure, ensuring that all shareholders, especially minority shareholders, have equal rights and access to information[196]. - The company has maintained a consistent governance structure with independent directors contributing to oversight[188]. Research and Development - The company has a strong R&D capability, holding 570 patents as of December 31, 2020, including 81 invention patents, and applied for 192 new patents in 2020[45]. - The company invested over 94 million yuan in R&D during the reporting period, marking a 14% year-on-year increase, and applied for 192 patents, including 40 invention patents[55]. - The company aims to become a global leader in intelligent low-voltage electrical solutions and will enhance its R&D capabilities by utilizing raised funds for the construction of a research center[89]. - In 2021, the company will strengthen its research on advanced technologies, including solid-state and hybrid circuit breaker technologies, and develop new products such as intelligent reclosers and energy governance solutions[92]. Market Strategy - The company has established a dual-brand marketing strategy with "Tianzheng" targeting the general market and "TianE" focusing on high-end sectors such as new energy and data centers[41]. - The company will increase its sales network by adding a thousand new distribution points to improve market share and regional coverage[93]. - The company anticipates stable growth in electricity demand, which will drive the demand for low-voltage components[87]. - The company will implement a dual-brand marketing strategy to enhance customer relationships and achieve sustainable growth[90]. Operational Efficiency - The company has implemented a production strategy combining inventory-based and order-based manufacturing, ensuring rapid product delivery through a robust logistics network[42]. - The company's automated production lines and information systems have significantly improved production efficiency and product quality[57]. - The company has established a comprehensive information system including ERP, CRM, and MES, enhancing operational and management efficiency[48]. - The company has a dedicated research institute and R&D center to separate technology development from product development, enhancing responsiveness to market needs[41]. Risk Management - The company has detailed potential risk factors and their possible impacts in the report, particularly in the section discussing future development[7]. - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[6]. - Fluctuations in raw material prices significantly impact the company's gross margin, as raw materials account for a large portion of total costs[100]. - Rising labor costs in the Yangtze River Delta region may adversely affect the company's performance if efficiency improvements are not achieved[101]. Shareholder Information - The total number of ordinary shareholders increased from 24,645 to 26,113 during the reporting period[168]. - The largest shareholder, Tianzheng Group Co., Ltd., holds 99,146,960 shares, representing 24.72% of total shares[170]. - The company has a lock-up period of 36 months for the major shareholders' shares post-IPO[173]. - The total remuneration for the board of directors and senior management during the reporting period amounted to 973.24 million yuan[184]. Compliance and Legal Matters - The company has not encountered any major litigation or arbitration matters during the reporting period[147]. - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating compliance with regulations[190]. - The company has not reported any significant changes in its leasing agreements, with a total rental income of 200.84 million RMB from related parties[152].

2021 年第一季度报告 公司代码：605066 公司简称：天正电气 浙江天正电气股份有限公司 2021 年第一季度报告 1 / 25 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 8 | 2021 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人高天乐、主管会计工作负责人王勇及会计机构负责人（会计主管人员）黄渊保证 季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | | | | 单位：元 币种：人民币 | | | --- | --- | --- | --- | --- | | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | | | | | 减(%) | | | 总资产 | 3,279,846,174.67 | 3, ...

Financial Performance - Operating revenue for the first nine months rose by 9.43% to CNY 1,783,356,158.81 compared to the same period last year[6] - Net profit attributable to shareholders increased by 34.41% to CNY 180,099,589.64 for the first nine months compared to the same period last year[6] - The company's total liabilities increased to ¥1,321,019,056.39, compared to ¥1,110,213,790.54 in the previous year, reflecting a 19% rise[21] - Net profit for the year-to-date was ¥180,099,589.64, reflecting a 34.41% increase, primarily due to revenue growth and reduced credit impairment losses[15] - Total operating revenue for Q3 2020 reached ¥726,863,665.51, a 30% increase from ¥559,406,954.49 in Q3 2019[23] - The net profit for Q3 2020 reached ¥84.79 million, up 147.8% compared to ¥34.31 million in Q3 2019[28] - The total profit for Q3 2020 was ¥97.01 million, a significant increase from ¥37.96 million in Q3 2019[28] Assets and Liabilities - Total assets increased by 51.30% to CNY 3,118,900,817.98 compared to the end of the previous year[6] - The company's total assets as of Q3 2020 were reported at ¥1.5 billion, reflecting a growth trend[28] - Cash and cash equivalents increased by 145.16% to ¥935,997,817.45 due to the proceeds from the initial public offering[13] - Accounts receivable rose by 59.83% to ¥1,018,931,565.07, driven by rapid sales growth in the third quarter[13] - The company reported a significant increase in capital reserves, which reached ¥669,358,125.42, up from ¥80,005,106.54[21] - The company's long-term assets totaled 501,832,717.16 RMB, contributing to the overall asset base[38] - The total amount of other current liabilities is $152,397,125.33[44] Shareholder Information - The total number of shareholders reached 30,710 by the end of the reporting period[10] - The largest shareholder, Tianzheng Group Co., Ltd., holds 24.72% of the shares[10] - Shareholders' equity totaled $813,519,253.47, including paid-in capital of $330,000,000.00 and retained earnings of $310,880,941.47[44] Cash Flow - The net cash flow from operating activities was negative at CNY -18,219,597.72, a decrease of 632% compared to the same period last year[6] - Cash inflow from financing activities for the first three quarters of 2020 was approximately ¥733.21 million, compared to ¥190 million in the same period of 2019[32] - The net cash flow from financing activities for the first three quarters of 2020 was approximately ¥602.40 million, a turnaround from a negative cash flow of -¥67.91 million in 2019[32] - Cash and cash equivalents at the end of Q3 2020 totaled approximately ¥578.67 million, a significant increase from ¥193.61 million at the end of Q3 2019[32] Expenses and Costs - The company reported a significant decrease in financial expenses by 87.28% to ¥880,016.52, mainly due to reduced bank loans[14] - The company reported a decrease in credit impairment losses to ¥5.01 million in Q3 2020 from ¥13.50 million in Q3 2019[28] - Total operating costs were ¥1,572,285,524.26, up from ¥1,454,316,114.18 in the same period of 2019[23] Research and Development - Research and development expenses for Q3 2020 were ¥24,899,318.24, compared to ¥19,497,378.29 in Q3 2019, indicating a 28% increase[23] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[28] Accounting Standards - The company implemented new revenue and leasing standards starting January 1, 2020, affecting the financial reporting[40] - The company has implemented new accounting standards for revenue and leasing effective from January 1, 2020[46]